Nuveen Churchill expands facility to $300 million, ups advance rate

By Marisa Wong

Los Angles, July 5 – Nuveen Churchill Direct Lending Corp. wholly owned subsidiary Nuveen Churchill BDC SPV II, LLC entered into a second amendment on June 29 to its loan and servicing agreement dated Nov. 24, 2020 to increase the maximum facility amount to $300 million from $225 million, according to an 8-K filing with the Securities and Exchange Commission.

The amendment also, among other things, changes the advance rate to 70% from 65% and changes the underlying benchmark used to compute interest to SOFR from Libor.

Advances under the loan agreement are secured by a pool of broadly syndicated and middle-market loans subject to eligibility criteria and advance rates specified in the agreement.

Advances may be prepaid and reborrowed at any time during the reinvestment period, but any termination or reduction of the facility amount prior to the second anniversary of the closing date is subject to a commitment reduction fee of 0.75%.

Sumitomo Mitsui Banking Corp. is lender and administrative agent, U.S. Bank Trust Co., NA is collateral administrator, and U.S. Bank NA is account bank and collateral custodian.

Nuveen Churchill is a New York-based private business development company investing primarily in senior secured loans to private equity-owned U.S. middle market companies.

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